Download
The formal Request for Proposal (RFP) process can be a cumbersome and lengthy process that many plan sponsors dread, but it is an essential best practice for plan fiduciaries to follow on a regular basis. Many aspects of the RFP process are crucial to successfully selecting a recordkeeper, attaining competitive value for services, and executing and maintaining a successful contract.
This session will explore the following considerations in developing and executing a successful RFP and resources that can be leveraged to assist in this process:
- Understanding procurement guidelines, laws, and processes, and leveraging in-house procurement professionals
- Reviewing contract terms and investment liquidity restrictions
- Hiring an outside plan consultant to assist with the process
- Understanding what recordkeepers are looking for and providing the necessary clarity to be able to drive a competitive and robust proposal
- Dissecting the RFP components and understanding valuable and essential data sets (e.g., project overview, scope of work, minimum qualifications, investment, administration, cost questionnaires)
- Developing a comprehensive RFP timeline
- Understanding the evaluation process and finalist interview presentations
- Understanding contract negotiations: What can be negotiated and fine-tuned
- Navigating through the transition process to a new recordkeeper from start to finish
- Developing an effective communication plan to trigger participant engagement
- Understanding the protest process and how to build processes to defend the outcome
- Version
- 0.00 KB File Size
- September 9, 2019 Create Date
- August 31, 2023 Last Updated
